You’ve probably heard the old adage, “Actions speak louder than words.” While it’s easy to apply this to people, have you ever applied that same thinking to companies?
Sure, a customer still connects with a store’s branding, but it’s really the customer journey that impacts perception and loyalty. The customers’ shared experiences are now defining the brand’s story. This understanding has retailers racing to figure out how they can enhance the relationship with their customers, regardless of channel.
This is where Artificial Intelligence (AI) comes in. AI gives digital systems the ability to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
These smart data systems collectively become more insightful in their ability to drive merchandising, marketing and service decisions, which ultimately impact the relationship between retailers and consumers. This evolution in smart service is what will eventually separate the leaders from the pack.
The shift is being felt by just about every major retailer. Juniper Research predicts that AI spending will increase fourfold to $7.3 billion by 2022. With this type of spending, consumers will notice big changes in retail stores.